Question 1

How has the Code affected the rights of good faith purchasers with respect to minors?

Accepted Answer

The Code has expanded the rights of good

Question 2

Under the CISG:

Accepted Answer

A) loss of, but not damage to, the goods after the risk of loss has passed to the buyer discharges the buyer from the obligation to pay the purchase price. 
B) if the sales contract involves the carriage of the goods and the seller is not obligated to hand them over at a particular destination, risk of loss passes to the buyer when the goods are handed over to the first carrier. 
C) if the sales contract does not involve carriage of the goods, the risk of loss passes to the buyer when the goods are tendered to him. 
D) All of the answers are correct. 
A) loss of, but not damage to, the goods after the risk of loss has passed to the buyer discharges the buyer from the obligation to pay the purchase price. 
B) if the sales contract involves the carriage of the goods and the seller is not obligated to hand them over at a particular destination, risk of loss passes to the buyer when the goods are handed over to the first carrier. 
C) if the sales contract does not involve carriage of the goods, the risk of loss passes to the buyer when the goods are tendered to him. 
D) All of the answers are correct.

Question 3

Everett delivers to Neely nonconforming goods.Neely accepts the goods, but upon discovering that they are defective, he rightfully revokes acceptance by timely notice to Everett.Discuss which party bears the risk of loss if the goods are then destroyed through no fault of either Everett or Neely.

Accepted Answer

a.A bulk transfer is a merchant's transf

Question 4

Identification may be made by either the seller or the buyer.

Accepted Answer

A) True 
 B)False

Question 5

Growingreen, a gourmet fresh food store that sells only the highest quality fruits, orders 100 lbs.of peaches from Western Fruits "on approval." Growingreen has never dealt with Western before this transaction.The peaches arrived on Saturday, but the owners of Growingreen were too busy to open the crates.Sunday they are closed.Monday at 4 p.m., they opened the boxes and inspected the peaches.They did not meet the high standards of Growingreen, so they nailed the crates shut and ordered a truck to return them the next day.They arrived at Western on Thursday, totally spoiled, a week after they were sent.This is the first time Western knew they were not being accepted.Who is responsible for the damages to the peaches?

Accepted Answer

A) Growingreen, since it did not inspect and notify Western within a reasonable time. 
B) Growingreen, the risk of loss was on them when the peaches arrived. 
C) Western, since they retained the risk of loss until approval. 
D) Western, because they agreed to take the goods back. 
A) Growingreen, since it did not inspect and notify Western within a reasonable time. 
B) Growingreen, the risk of loss was on them when the peaches arrived. 
C) Western, since they retained the risk of loss until approval. 
D) Western, because they agreed to take the goods back.

Question 6

The seller has an insurable interest in goods even though he no longer owns them, if he continues to retain a security interest in them.

Accepted Answer

A) True 
 B)False

Question 7

Under the UCC, a buyer of goods can insure goods he does not presently own but will own if the buyer has which of the following?

Accepted Answer

A) A special property interest. 
B) An insurable interest. 
C) Both (a) and (b). 
D) Neither (a) nor (b), a buyer must have title before he can insure the goods. 
A) A special property interest. 
B) An insurable interest. 
C) Both (a) and (b). 
D) Neither (a) nor (b), a buyer must have title before he can insure the goods.

Exam 21: Transfer of Title and Risk of Loss

How has the Code affected the rights of good faith purchasers with respect to minors?

Under the CISG:

Everett delivers to Neely nonconforming goods.Neely accepts the goods, but upon discovering that they are defective, he rightfully revokes acceptance by timely notice to Everett.Discuss which party bears the risk of loss if the goods are then destroyed through no fault of either Everett or Neely.

Identification may be made by either the seller or the buyer.

The seller has an insurable interest in goods even though he no longer owns them, if he continues to retain a security interest in them.

Under the UCC, a buyer of goods can insure goods he does not presently own but will own if the buyer has which of the following?

Introduction to Law

Business Ethics

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Introduction to Sales and Leases

Performance

Product Liability: Warranties and Strict Liability

Sales Remedies

Form and Content

Transfer

Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Relationship of Principal and Agent

Relationship With Third Parties

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporations

Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

Environmental Law

International Business Law

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

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